Freedom Mortgage Corporation has announced its acquisition of J.G. Wentworth Home Lending LLC, a subsidiary of J.G. Wentworth Company. Terms of the deal were not disclosed.
J.G. Wentworth Home Lending originates more than $6 billion in annual mortgage volume and manages a $6 billion servicing portfolio. The Chesterbrook, Pa.-based company has 571 employees in more than 35 offices nationwide, with a particularly strong presence in the mid-Atlantic region.
"J.G. Wentworth Home Lending's excellent track record of serving first-time and veteran homebuyers make them a perfect addition to Freedom Mortgage," said Stanley C. Middleman, founder and CEO of Mount Laurel, N.J.-based Freedom Mortgage, who was recently named the winner of Ernst & Young (EY)'s Entrepreneur of the Year Greater Philadelphia Award in the financial services category. "By combining strengths, we'll be able to provide affordable home financing options to even greater numbers of borrowers, so they may achieve the American dream of homeownership. We look forward to working together."
Phil Buscemi, president at J.G. Wentworth Home Lending, said, "We are very pleased to enter this next chapter in our company's history. Freedom Mortgage shares our commitment to always put borrowers first and our dedication toward leveraging technology to make the financing process as fast and simple for consumers as possible. We look forward to an exciting future together."